For this definition, the standard answer on the Internet should be financial management. Personally, structured deposits exist in the form of deposits embedded in financial derivatives, so they are essentially a wealth management product. As for the more detailed "structured deposits" and "structured deposit wealth management products" on the Internet, you can poke this link: Talk about structured deposits again: Can they really lead the way after the introduction of the new asset management policy?

2. Do structured deposits have to protect the principal and interest?

The term "rigid redemption" was first used to explain bank trust products, which means that the manager must pay the principal and maturity income to investors after the products expire. However, structured deposits are essentially a product of guaranteed floating income. For such products, banks should include them in the on-balance-sheet accounting, manage them as deposits (or inter-bank integration), and include them in the payment scope of deposit reserve and deposit insurance fund (except inter-bank integration). Relevant assets must be capitalized and accrued in accordance with the provisions of the CBRC. This makes it easy to understand why such products are called structured deposits. Generally speaking, structured deposits must be guaranteed, not guaranteed. Please refer to the specific terms: goodbye, capital preservation and financial management! Perspective structured deposits

3. Do structured deposits need to pay VAT?

After talking so much nonsense before, I finally got to the relevant question asked by the subject, which is also a problem that I have been struggling with all day today.

First of all, based on the relevant definition in 1, since structured deposits are not deposits in essence. So the Ministry of Finance

Notice of State Taxation Administration of The People's Republic of China on Comprehensively Promoting the Pilot Project of Changing Business Tax to Value-added Tax (Caishui [2016] No.36), the deposit interest excluding value-added tax naturally does not apply to the income of structured deposits.

Secondly, the "guaranteed income, remuneration, capital occupation fee and compensation" mentioned in Item 1 of Article 1 (V) of Notes on Sales Services, Intangible Assets and Real Estate (Caishui [2016] No.36) refers to the investment income that the contract explicitly promises that the due principal can be fully recovered. The non-guaranteed income obtained during the holding period (including maturity) of the above-mentioned financial commodities does not belong to interest or interest income, and no value-added tax is levied. Structured deposits only belong to "guaranteed income" rather than "non-guaranteed income", so my popular understanding of this passage is that in a broad sense, taxation divides income into three parts, one is deposit interest, the other is investment income, and the third is "somewhere in between". If this "intermediate" income is explained by the above words, it can be understood as "the principal can be recovered at maturity, but the interest will change according to the actual situation" Let's think about it in reverse. We might as well understand this part as "loan interest", with investors as lenders and managers as borrowers, thus understanding this investment as a simple "loan relationship". Then, since it is a loan, the principal certificate of deposit is an iou, and the corresponding "loan interest", that is, the corresponding floating rate of return received by the investor, is paid at maturity according to the relevant indicators linked to the loan term and period. In this way, combined with the definition of MPA evaluation "generalized credit" proposed by Yang Ma, this kind of investment should be understood as "generalized credit products that guarantee repayment of principal", which are different from traditional deposits and "generalized credit products that do not guarantee repayment of principal" and should be subject to VAT.

However, there are also special circumstances. For our structured deposit in the bank, the bank has issued a time deposit certificate. The bank said that if necessary, it can communicate with the tax authorities after obtaining the deposit certificate. This product is a time deposit with a sharp rise in interest rate, so naturally there is no need to pay VAT. (Of course, this is also an edge ball. )

4. Who will pay the VAT for structured deposits?

Article 4 of the Notice on Defining the Value-added Tax Policies for Finance, Real Estate Development, Education and Auxiliary Services (Caishui [2065 438+06] 140) stipulates that "the manager of asset management products is the VAT taxpayer." combine

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From the analogy of "loan", the "borrower", that is, the manager, should bear the corresponding value-added tax obligation. Since investors are called funders and lend money to managers, managers should bear the corresponding tax rates. Then "lenders" don't just exist as banks. If the investor hands over the funds to the bank for management, the investor will bear the tax obligation of the "lender". On the contrary, if banks lend money, they should bear the corresponding VAT obligations.